A Monitoring and Warning Framework for Risks

After risks are identified, they still needed to be managed, monitored, and regularly communicated in appropriate management forums [1]. Standard management options for risks include deciding to further research, mitigate, watch, or accept. In both the research and watch options, risk managers are not taking immediate mitigation actions but may be gathering additional information to understand the risk better and defining triggers that indicate when action is needed. While intuitively, these steps sound straightforward, as the complexity of the risk increases, effectively monitoring and determining appropriate triggers for risks can be challenging. We discuss setting thresholds for risks that rely on the value of information concept from decision analysis and the example of a traditional warning system (like a fire alarm). We explore the applicability of our framework to two case studies: the impact of additional 5G transmission equipment on critical weather satellites and the risks inherent in developing space mission projects in a socially distanced environment still threatened by the Covid-19 virus.